3633 (3633) Fair Value & Analysis

Utilities · Market cap HK$7.0B

3 3633 3633 · HK

PriceHK$2.56

Fair ValueHK$1.99

Upside-22.3%

Quality44/100

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Evidence: Medium Range HK$1.17 – HK$1.99

Fair value as of: Jul 2, 2026

From 25 valuation models · updated today

Share price −9.5% over the past month.

Price vs Fair Value (12 months)

12‑month range HK$2.56 – HK$4.16 · fair‑value band HK$1.17 – HK$1.99 · the HK$2.56 price screens above the HK$1.99 fair value. As of Jul 2, 2026.

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Analysis

3633 (3633) currently trades at HK$2.56, while our model-based Fair Value estimate is HK$1.99 — implying the stock looks roughly 22.3% overvalued today. We read business quality at 44/100 (below-average quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: medium).

Over the trailing twelve months, 3633 generated revenue of HK$12.4B at a net margin of 2.0%. Revenue declined 5.6% year over year. It earns a return on equity of 3.0%. Net debt stands at HK$12.1B. Fundamentals as of Jul 2, 2026

Key figures & financial health

Revenue (TTM) HK$12.4B

Revenue growth (YoY) -5.6%

Net margin 2.0%

Return on equity 3.0%

Free cash flow HK$130M FY2025

P/E ratio 28.6

More key figures

Operating margin 5.8%

EPS (TTM) HK$0.0900

EPS growth (YoY) +3.8%

Net debt HK$12.1B FY2025

Figures from reported company fundamentals (EODHD) · as of Jul 2, 2026. TTM = trailing twelve months.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

3633 reported revenue of HK$12.4B in FY2025 versus HK$11.3B in FY2021, a compound +2.3%/yr. Reported net income was HK$247M in FY2025, compounding −32.5%/yr from FY2021.

Revenue +2.3%/yr

FY21 HK$11.3B

FY22 HK$13.0B

FY23 HK$13.6B

FY24 HK$13.5B

FY25 HK$12.4B

Net income −32.5%/yr

FY21 HK$1.2B

FY22 HK$174M

FY23 HK$247M

FY24 HK$146M

FY25 HK$247M

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Similar stocks

6 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Jul 2, 2026).

Stock	Price	Fair Value	vs Fair Value
Naturgy Energy Group GASNY	$6.50	$7.20	+11%
Atmos Energy Corporation ATO	$169.27	$87.09	-49%
Snam S.p.A SRG	€6.19	€4.95	-20%
Uniper SE UN0	€45.45	€33.83	-26%
NiSource Inc NI	$46.61	$34.64	-26%
The Hong Kong and China Gas Company HOKCY	$0.8100	$0.5500	-32%

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Frequently asked questions

Is 3633 (3633) undervalued?

As of Jul 2, 2026, our model estimates a fair value of HK$1.99 versus a price of HK$2.56 — about −22% (overvalued). Model-based estimate, not financial advice.

What is the fair value of 3633?

Our model-based fair value for 3633 is HK$1.99 (as of Jul 2, 2026), built from audited fundamentals. The current price is HK$2.56.

What is the quality score of 3633?

3633 has a Quality Score of 44/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

What is the revenue of 3633 (3633)?

3633 reported trailing-twelve-month revenue of about HK$12.4B (latest available figure, as of Jul 2, 2026).

What is the net profit margin of 3633?

The net profit margin of 3633 is about 2.0%, meaning it keeps roughly 2.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.